Bitcoin Pushes Above $106K To Reach New ATH Price
Bitcoin (BTC) has shattered the $106,000 mark, hitting a new all-time high (ATH) and continuing its upward trend. Although the price has dipped slightly to $104K, it has already recovered to touch $105K.
A Safe Haven
BTC has been steadily climbing for months. Although it had struggled last week when it dipped below $95K, the bulls managed to propel it to a new ATH. The $100,000 mark was the true test for Bitcoin, as there were multiple times when it reached this point in the last 7 days including on December 9th, 11th, and 13th.
This rally also comes at a time when traditional financial markets are facing challenges, such as inflation and geopolitical instability. Bitcoin, often viewed as a safe haven asset in uncertain times, has drawn in both retail and institutional investors like BlackRock, Grayscale, and MicroStrategy.
The surge has also been linked to recent political developments, mainly Donald Trump once again becoming United States President and immediately replacing SEC Commissioner Gary Gensler with Paul Atkins.
Alts Mostly In The Green
As Bitcoin continues to rise, many altcoins are also increasing. Ethereum (ETH), Solana (SOL), Binance Coin (BNB), Dogecoin (DOGE), and Cardano (ADA) are all in the green, as is most of the market. However, some such as Ripple (XRP), Chainlink (LINK), Stellar (XLM), and Hedera (HBAR) are among the few in the red.
The global market capitalization is now $3.88 trillion, up 0.61% in the last 24 hours and 133.05% in the previous year. As of today, Bitcoin has a market capitalization of $2.08 trillion, reflecting a 53.56% domination. Meanwhile, stablecoins have a cumulative market cap of $208 billion, accounting for 5.36% of the total cryptocurrency market capitalization.
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